31.06.2022
The preliminary results of the general government budget prepared by the Statistical Office of Cyprus (CyStat) indicate a surplus of 1% of GDP, which is 239.3 million euros, for the period from January to March 2022, compared with a deficit of €137.4 million (0.6% of GDP) recorded between January and March 2021.
According to data released on Wednesday by CyStat, a large drop compared to the same period in 2021 was recorded in subsidies, while a large increase was observed in the collection of taxes, both on production and imports, as well as on income and wealth taxation.
Between January and March 2022, total expenditures decreased by 72.1 million euros (-3.2%) to 2,212.6 million euros compared to 2,284.7 million euros in the corresponding period of 2021.
Subsidies were reduced by 254.1 million euros to 20.7 million euros from 274.8 million euros in 2021. Current transfers decreased by €2.4m ( -1.5%) to €157.9m from €160.3m in 2021.
In contrast, social benefits increased by €91.4 million (+11.0%) to €921.1 million compared to €829.7 million in 2021. The remuneration of employees (including imputed social contributions and pensions of civil servants) increased by 28.4 million euros. (+4.1%) and amounted to 717.1 million euros compared to 688.7 million euros in 2021. Intermediate consumption increased by 32.1 million euros (+18.6%) to 204.7 million euros compared to 172.6 million euros in 2021. Interest payable increased by EUR 13.8 million (+20.1%) to EUR 82.4 million compared to EUR 68.6 million in 2021.
The capital account increased by EUR 18.6 million (+20.7%) to EUR 108.7 million compared to EUR 90.1 million in 2021. In particular, gross capital formation increased by 5.3 million euros (+7.0%) and amounted to 80.0 million euros. , compared to €74.8 million in 2021, and other capital expenditures increased by €13.4 million to €28.7 million compared to €15.3 million in 2021.
From January to March 2022, total revenue increased by €304.6 million (+14.2%) to €2,451.9 million compared to €2,147.3 million in the corresponding period of 2021.
In particular, taxes on production and imports increased by 108.5 million euros (+14%) to 885.9 million euros compared to 777.4 million euros in 2021, of which net VAT receipts increased by 80.8 million euros (+16.2%) and amounted to 579.7 million euros compared to 498.9 million euros in 2021. Income and wealth tax revenue increased by €129.3 million (+26.9%) to €609.8 million compared to €480.5 million in 2021. Social contributions increased by one euro. 115.7 million (+18.4%) and amounted to 744.7 million euros compared to 629 million euros in 2021. Revenue from the sale of goods and services increased by 15.4 million euros (+12.3%) to 141 million euros compared to 125.6 million in 2021. Current transfers increased by €0.8 million (+1.9%) to €42.0 million compared to €41.2 million in 2021.
In contrast, capital transfers decreased by €58.4 million to €4.1 million from €62.5 million in 2021. Property income decreased by 6.7 million euros (-21.5%) to 24.4 million euros from 31.1 million euros in 2021.
